On December 3, 2023, Nigeria joined the rest of the global community in marking this year’s Day for People Living with Disabiliti:es. The United Nations set aside the day in 1992 to draw the attention of the world to the plight of the physically challenged persons and to encourage a better understanding of their conditions. It is also to create Read More
Danger as Nigerians swoop to betting despite harsh economic realities A growing number of Nigerians has turned to sports betting to plug the gap between their incomes and spending as prices of goods and services continue to soar; BENJAMIN SAMSON writes. Figures from National Bureau of Statistics (NBS) indicate that Nigeria’s headline inflation accelerated to an 18-year high of 26.72 Read More
While fuel subsidy has long been identified by many economists, administrators, and even politicians as a major drain on Nigeria’s resources, which led to its removal, the high cost of governance has emerged as another monstrous challenge that needs to be dealt with decisively. In fact, this monster should have been dealt with even before subsidy removal. Aside from all Read More
The Zamfara state governor, Dauda Lawal, has reiterated his administration’s determination to rescue the state from the current socio-economic decay, stressing that he will regain his mandate in the rerun election. The governor made the disclosure while receiving a mammoth crowd of the Peoples Democratic Party (PDP) supporters who received him at Kwatarkwashi town of Bungudu local government area when Read More
A member representing Jama’a/Sanga Federal Constituency of Kaduna state, Hon Dan Amos, has said there is hope for Nigeria under the current administration led by President Bola Ahmed Tinubu. Hon Amos made the remark while speaking to newsmen on the sideline of a meeting with the Peoples Democratic Party (PDP) stakeholders from his constituency in Kafanchan. He noted that the Read More
The managing director of the Nigeria Export Processing Zones Authority (NEPZA), Dr. Olufemi Ogunyemi, has called for immediate commencement of infrastructure development in the Centenary Economic City Free Trade Zone, Abuja, and the revamping of the Abuja Technology Village. This, according to him, is to position the Federal Capital City for economic growth and industrialisation. According to a press statement Read More
Data from the National Bureau of Statistics (NBS) indicating that 28 sectors of Nigeria’s economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49 billion quarter-on-quarter is quite disturbing. The report portends a gloomy picture for an economy that has relapsed into three recessions within fours. According to the NBS data, while real GDP Read More
The Speaker Niger state House of Assembly, Rt. Hon. Abdulmalik Sarkindaji, has lamented that the country is going through the worst economic crisis in history at the moment, saying Nigerians are suffering under real hard times. Rt. Hon. Abdulmalik Sarkindaji stated this while addressing members of the state’s 10th Assembly at the legislative chamber in Minna on Tuesday after its Read More
MTN Group Limited expects Nigeria to overcome the short-term “pain” of President Bola Tinubu’s economic reforms by the middle of next year, helping bolster Africa’s biggest wireless company’s business. Chief Executive Officer, Ralph Mupita, said while it was very necessary for the country to undergo structural reforms in order to move forward, they were causing discomfort for firms operating in Read More
Nigerian Exchange group (NGX group) has said that high inflation and low fiscal revenues have continued to hinder economic growth and possible investments in the country. Group Managing Director/Chief Executive Officer Nigerian Exchange group, Mr. Oscar Onyema disclosed this in Lagos while delivering keynote address at the City Businessnews summit/award 2023. He said the economic situation of Nigeria gives rise Read More
The Nigerian Maritime Administration and Safety Agency (NIMASA) Tuesday revealed that Nigeria will benefit from the 350 million job opportunities and trade valued at $2.5 trillion annually if the potentials of the Marine and Blue Economy were properly harnessed. NIMASA Director General Bashir Jamoh made this known in Lagos during a training session organised by the Kofi Annan International Peacekeeping Training Centre, in Read More
So much expectation has greeted the emergence of Mr. Adeyemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN) and his highly-experienced deputies of integrity. The high expectations, understandably, stem from years of monetary policies of the apex bank that came with so much discomfort for national economy and the wellbeing of the populace. The idea of Read More
FirstBank has reiterated its commitment to the development and economic transformation of the African continent, and is unwavering as it continues to make the required investments to actualize the goal. Chief Executive Officer of the FirstBank group, Dr. Adesola Adeduntan, disclosed this while speaking at the Africa International Trade Exhibition (A.I.T.E 2023), held recently at the Hilton Hotel Midtown, New Read More
Data from the National Bureau of Statistics (NBS) indicating that 28 sectors of Nigeria’s economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49 billion quarter-on-quarter is quite disturbing. The report portends a gloomy picture for an economy that has relapsed into three recessions within fours. According to the NBS data, while real GDP Read More
Data from the National Bureau of Statistics (NBS) indicating that 28 sectors of Nigeria’s economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49 billion quarter-on-quarter is quite disturbing. The report portends a gloomy picture for an economy that has relapsed into three recessions within fours. According to the NBS data, while real GDP Read More
President Bola Tinubu Thursday reaffirmed his support for a robust public-private sector partnership to grow the economy, saying that his administration’s sustained, bold and coordinated reforms are anchored on a “strong adherence to accountability and transparency.” Speaking at an audience on Thursday in Abuja with members of the Board and Management of the Nigeria Economic Support Group (NESG), the President Read More
Perhaps, for Nigerians, it is time to look in the mirror and ask some deep, soul-searching questions. Perhaps, if we asked the right questions, we might be closer to getting the right answers. Happily, President Bola Ahmed Tinubu, the nation’s number one citizen, seems to have asked himself the right questions and he has arrived at the right answers. Thus, Read More
Economic experts in the country have said for Nigeria to tackle the issue of incessant borrowing, it needs to address the issue of insecurity and focus on non-oil revenue sources. The experts who were reacting to Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun’s statement that the Federal Government was not in a position to borrow money Read More
President Bola Ahmed Tinubu has pledged his administration’s unalloyed commitment to leveraging on the domestic utilisation, processing and international export of Nigeria’s massive gas resources to catalyse the fundamental restructuring of the nation’s economy for expansive growth. In a meeting on Friday in Abuja with the Board and Management of the Nigeria Liquefied Natural Gas (NLNG) Limited at the State Read More
An abandoned road project recently rewarded by Oyo state government would change a lot of narratives in the state when completed as BAYO AGBOOLA reports. There is little or no doubt in the fact that the present administration in Oyo state under the leadership of Gov Seyi Makinde is committed to building a new Oyo state with its on-going infrastructural Read More
A few days ago, President Bola Ahmed Tinubu announced a state of emergency on food security in the country. The presidential directive was given by his spokesman, Dele Alake, while briefing State House correspondents. The president directed that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Read More
One global concern for political economists and economists of the classical, Keynesians and neo-Keynesians schools of thought is that they never shy away from the question bordering on tax, particularly, the central question on taxation and economic growth, or the argument of Marxian economists that tax revenues should be evident in economic development, not in growth measures alone. However, governments Read More
Oil prices rose Wednesday as planned supply cuts offset wider global economic outlook concerns. Brent futures rose 6 cents to $79.46 a barrel by 0356 GMT, and U.S. West Texas Intermediate (WTI) crude rose 6 cents to $74.88 a barrel. Crude prices are getting a boost as expectations grow for the oil market to remain tight, despite all lingering growth Read More
Nestlé Professional has continued its project to foster economic growth among food vendors in Nigeria at the Business of Food workshop in Ilorin. The company at the Business of Food workshop in Ilorin trained over 300 participants including food vendors, chefs, canteen and restaurant operators as well as culinary school students on how to improve their food businesses. The training Read More
The Manufacturers Association of Nigeria, MAN, says it expects import costs to rise and foresee economic uncertainties and exchange rate volatility due to the difficulty in predicting future exchange rate movements, due to the float of the Naira. Director General of MAN, Segun Ajayi-Kadir who disclosed this in an interview also projected mixed outcomes on the impact of the floating Read More
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